Fundsters interested in the fate of the mutual fund recordkeeping business may want to take a look at the Kansas City Star. Mark Davis describes the fund back office firm's recent woes, as its fund accounts shrink in number (by eight million over two years) and as it thinned its ranks (by seven percent last year.)

The Star blames the shift on the movement away from direct, registered accounts handled for mutual fund firms to sub accounts of omnibus accounts held for advisors' and brokers' customer. The paper points to BNY Mellon, which bought the old PFPC business, as the big beneficiary of that shift.

Consultant Geoff Bobroff, Avondale Partners analyst Peter Heckmann and Robert W. Baird & Co. analyst David Koning all weighed in for the article. 

Edited by: Neil Anderson, Managing Editor


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